Financial Times journalist Peter Foster discusses the hidden costs of Brexit and the silence of political parties on the issue. The impact of Brexit on small businesses, consumer prices, and the struggle of Labour and Conservatives to address the economic challenges post-Brexit are also highlighted.
New Brexit checks add cost and delay for small businesses importing goods into the UK.
Political parties show radio silence on addressing Brexit consequences during election campaigns.
Deep dives
Introduction of New Border Checks at British Border
New checks have been introduced at the British border for goods coming in from the EU, adding extra costs and complexity for importers. Delayed five times, the checks are now in place for flowers, delicatessen products, meats, and more. Despite significant impact on importers and consumers, little attention has been given to this by political parties.
Brexit's Impact on UK's Economic Growth
The UK ranks at the bottom of the OECD growth forecasts among G7 economies, posing questions about Brexit's role in economic downturn. Factors like the energy crisis and post-pandemic challenges contribute to the economic struggles. Lack of attention to these economic challenges by political parties reflects a disconnect from the real implications.
Economic Burden of New Border Checks on Small Businesses
The introduction of physical checks at the border for goods involves additional costs, especially impacting small businesses. Importers face charges based on the risk level of their goods, potentially leading to significant financial burdens. Smaller businesses, unlike larger corporations, bear the brunt of these costs, affecting their pricing, variety, and overall operations.
Political Silence and Lack of Accountability on Brexit's Consequences
Despite the significant repercussions of Brexit on trade, economy, and consumers, there is a notable political silence on addressing these consequences. Both major political parties tend to avoid highlighting Brexit-related issues during election campaigns. The complexities and challenges stemming from Brexit remain unresolved, reflecting a reluctance to engage with the ongoing impacts of the decision.
After several delays, Brexit checks finally came into force this week - adding cost and delay to how small businesses can get their goods into the UK. It'll see prices pushed up on the consumer's end too.
But, you won't hear either main party discussing this in great detail. Why? As an election issue - it's almost radio silence - even as the UK becomes the worst performing economy in the G7.
We'll hear from Peter Foster from the Financial Times and What Went Wrong With Brexit on the Brexit economics and Labour's strangled relationship with this issue - and from Tim Shipman - chronicler of Brexit diaries with No Way Out - on what the Conservatives now make of the brexit they delivered.
Editor: Tom Hughes
Senior Producer: Gabriel Radus
Producer: Laura FitzPatrick
Social Media Editor: Georgia Foxwell
Video Production: Shane Fennelly & Arvind Badewal
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